SEC proposes relaxation of Sarbox for foreign firms
Under the proposals, small and medium companies in the US and overseas firms will obtain a year's exemption from Section 404 of the Sarbanes-Oxley Act, which requires companies to establish stringent internal controls and for these processes to be checked by auditors.
Christopher Cox, chairman of the SEC, said: “By offering further relief for smaller companies and most foreign issuers, today's actions will allow time for the Commission and the Public Company Accounting Oversight Board to
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